What do institutions really need to see before they touch DeFi? That question kept coming up @token2049 The blocker isn’t a lack of benefits. It’s the risk of being on-chain, specifically counterparty risk. Between human error and code failures, the number of exploits makes it hard for institutions with real size to get comfortable. Three things would change their assessment: 1. A track record across multiple cycles with no hacks at scale 2. Secure custody solutions that work at their size 3. Infrastructure partners who operate transparently and securely Retail faces the same barrier. Many individuals still trust institutions more than they trust code. So the most likely path to mass adoption isn’t users flocking to DeFi apps. It’s trusted institutions building on DeFi in the backend while users interact with a frontend they already trust, never needing to know what’s underneath. DeFi becomes the rails, not the product. One more note from Singapore, “crypto” as a word is tainted among institutions after past cycles. However, founders who focus on solving real problems will still do well.